Multi-state operators, or MSOs, have become increasingly common across the United States given their economies of scale. With the industry’s relatively easy access to capital, many of these MSOs have bought up assets at all costs to rapidly build a footprint. Investors may want to avoid some of these companies and seek out those that have pursued thoughtful expansion that’s more focused on return on investment and longevity.

CFN Media recently caught up with Jacques Habra, CSO of Grown Rogue International Inc. (CSE: GRIN), to discuss what sets the company apart from the competition:



Let’s take a closer look at some of the key points in the video and why investors may want to take a closer look at the stock over the coming quarters.

‘Thoughtful Expansion’

There are no shortage of multi-state operators for investors to choose from, but many are focused on ‘growth at all costs’. While this approach may work out for a handful of companies, it could leave many shareholders extremely diluted or companies saddled with debt. The best MSO opportunities are companies that take a more thoughtful approach to the market with a focus on shareholder return on investment and high quality portfolio companies.

Grown Rogue is a multi-state operator that’s currently in Oregon, California and Michigan. In each state, the company began by analyzing the regulatory framework to determine the optimal time to build a presence and where to focus. The team then looked for operators and partners that were already established a strong asset portfolio, as well as deal terms that provided its shareholders with a compelling return on investment.

These values have been with the company since its inception. Rather than raising millions of dollars and going on an acquisition spree, the company began as a husband-and-wife team that raised a family-and-friends round that was followed by a small seed round. The company proved its business model in Oregon and has since been sought out by experienced operators in other states looking for advice and capital to grow.

‘Cultivation to Experience’

Cultivators and distributors operate under a business-to-business model, but at the end of the day, it all comes down to the consumers. Consumer preferences and demand creates a pull for certain high-quality products and brands through the entire supply chain. This means that it’s very important for all cannabis companies—even B2B companies—to focus on cannabis consumers and maximizing their experiences.

To this end, Grown Rogue coined the term C2E, or cultivation to experience, which is a play off of the traditional seed-to-sale business model. Rather than focusing on a sale, the company focuses on the consumer’s experience of the product. The goal is to create products that elicit the right experience for consumers every time, whether it’s a better hike, less anxiety, better sleep, or less pain following a workout.  

The company has focused on improving by keeping a tight feedback loop. Using direct to consumer surveys, the company has matched up its products to the right experiences and ensured made it easier for retailers to make recommendations. Interviews with intake managers and budtenders has also uncovered customer objections and helped improve product development over time.

Looking Ahead

Grown Rogue International Inc. (CSE: GRIN) is a multi-state operator that’s well positioned to grow over the coming quarters. With its unique focus on thoughtful expansion and consumer experiences, the company sets itself apart from many other MSOs in the space.

For more information, visit the company’s website at


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